Digital life insurance platform Bestow has collected $15m in its Series A funding round led by Valar Ventures.
Other participants included existing backers New Enterprise Associates, Core Innovation Capital, 8VC, and Morpheus Ventures.
Texas-based Bestow helps consumers to gain quick and easy access to life insurance for themselves and their families through algorithmic underwriting and data-driven financial solutions. The platform measures risk within minutes and without the need of a medical exam, allowing customers to quickly choose an insurance product.
Valar Ventures general partner Andrew McCormack said, “Bestow is reshaping the life insurance process by bringing much needed innovation to one of the most regulated and stationary industries in existence. Using data and technology to turn a frustrating process into a seamless user experience, Bestow is breaking down the barriers for obtaining financial protection.”
This round of funding brings the company’s total equity rounds to $18m, with the company preciously securing $2.5m in its Seed round last year. Its prior investment was led by New Enterprise Associates and was its first institutional investment.
Valar has already made two previous FinTech investments this year. The firm recently participated in the $37.5m Series D round into personal finance platform Stash and led the $13m Series A round into credit card startup Petal.
The InsurTech sector was dominated by the North American market last year, with 63 per cent of the $1.4bn invested globally, according to data by FinTech Global.